Blockchain and Cryptocurrency News Roundup

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  • February 21, 2022
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21 February 2022

Here’s a short summary of some of the biggest headlines in Crypto. The legalization of Bitcoin in the Ukraine nation comes at a crucial time when tensions with Russia have intensified, starting this summer Colorado State is going to start permitting payment of taxes in crypto and lastly, Beckham announced upon joining the Los Angeles Rams in November that he planned to convert his salary into bitcoin.

Ukraine Legalizes Bitcoin amid Intensified Tension with Russia

Amid inevitable military potential conflicts escalating tension between Ukraine and Russia before the incoming full-blown war, the Ukrainian parliament unanimously voted to legalize Bitcoin and cryptocurrencies by passaging a Virtual Assets law on Feb 17.

The law stipulates the requirements that crypto service providers like exchanges ought to adhere to and the accrued fines in case of violations. 

Mykhailo Fedorov, the Ukrainian deputy prime minister, believed that the law would open the nation’s boundaries to crypto companies, given that Ukraine is among the top-5 countries in crypto usage.

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Colorado State to Permit Payment of Taxes in Crypto this Summer

Colorado State Governor Jared Polis has revealed that it plans to let its residents pay their taxes in digital currencies as early as this summer.

The tax collection or payments through crypto will not be limited to just Bitcoin (BTC), as it is meant to support a wide range of cryptocurrencies. Additionally, Governor Jared Polis said the supported provisions would expand to other license payments beyond taxes in due time.

“We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes,” said Polis. “Then we plan to roll that out across all of state government for things like, could be as simple as driver’s license or hunting license within a few months after that.”

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Odell Beckham reportedly took his salary in Bitcoin

Los Angeles Rams wide receiver Odell Beckham Jr. made headlines last November when he announced he would be converting his 2021 salary into bitcoin.

The problem for Beckham: that bitcoin BTCUSD, 0.08% prices have been plummeting.

Cryptocurrencies including bitcoin and ethereum ETHUSD, 2.85% extended their ongoing slide on Monday. Ether was down 8% over the past 24 hours, and bitcoin prices fell below $35,000, including a 4% drop in the past 24 hours.

This is bad news for crypto investors and for Beckham, who claimed to be converting $750,000 into bitcoin in a deal with the Block Inc. SQ, -6.06% payment company Cash App.

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